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Spotlight Stocks: AIG, Apple, Boeing, Lehman


Monday's top stories and stocks with potential to move.


Stocks to watch for Monday, June 9, 2008:

  • American International Group's (AIG) board received a letter from three major shareholders, who control about 4% of the company's stock, which noted "a staggering breakdown of risk controls" and "an unequivocal loss of investor confidence." The letter was a request to improve the company's senior management, including CEO Martin Sullivan. The Wall Street Journal reports the letter was sent by billionaire and former director Eli Broad and two major fund managers, Shelby Davis of Davis Selected Advisers LP and Bill Miller of Legg Mason Inc.
  • Apple (AAPL) will kick off the Worldwide Developers Conference today and is expected to debut the company's new iPhone. The iPhone has grabbed 27 percent of the smart phone market share during the last three months of 2007, according to research firm IDC. The new phones are expected to use 3G technology which will allow for faster Internet browsing.
  • Barclay's (BCS) said it may sell shares to bolster the company's Tier 1 capital ratio. Bloomberg reported the company needs at least 7 billion pounds ($13.8 billion) to strengthen its balance sheet as asset markdowns increase, according to estimates from analysts at Lehman Brothers Holdings Inc. and Citigroup Inc.
  • Boeing (BA) reiterated its plan to make the first flight on its 787 Dreamliner in the fourth quarter of this year, as it had announced in April. The first deliveries of the planes are set for the third quarter of 2009, also on schedule, reported Reuters. The fuel efficient plane is expected to be a great boost for the company.
  • JetBlue's (JBLU) LiveTV unit has agreed to purchase Verizon's (VZ) Airfone network in a move that could help the company offer in flight email and messaging services. LiveTV will assume control of Airfone's 100 air-to-ground communications towers in the continental U.S.
  • Lehman Brothers (LEH) is close to raising more than $5 billion of capital from a variety of investors, reported The Wall Street Journal. The company is now expected to report a 2Q loss of over $2 billion. The New Jersey Division of Investment, which manages the state's $80 billion of pension funds, was one of the key investors.

Market Recap

  • Asian trading closed mostly lower with the Hang Seng +0.61%, Nikkei -2.13%, Sensex -3.25%, Taiwan -1.80% and Shanghai -0.66%.
  • A quick check across the pond finds the CAC +0.16%, DAX -0.02%, FTSE -0.08%, ATX -0.53%, Swiss Mkt. -0.54% and Stockholm -1.90%.
  • In commodities, crude oil is lower -0.89 to 137.62 while gold is trading higher +11.5 to 906.9 this morning.
No positions in stocks mentioned.

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